Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-05-13
COMING NEARER YET.
The DEBT NEGOTIATIONS REoPEEED
YESTERDAY MoRaIRa.
A Proposition that Gives q Prospect Of
settlement OF This rormenting
Question.

The Legislative committee on the
debt were in session for five OF six hours
yesterday, and during good portion
of that time Sir Edward Thornton and
Mr.. Bnithwaite were with them. BY
a vote OF six TO four the committee
determined that it was yet in their
province to hear further propositions
for the settlement of the debt, and an
entirely new scheme was broached and
discussed with probability that it may
be shaped so as to meet the concurrence
both OF the Legislature and of the re-
presentatives of the Council of Foreign
Rondholders.
THE DETAILS.
The committee are still working in
secret session, and all details are care
fully guarded from newspaper report
ers. Nevertheless the following are
the facts approximately: The bond
holders are not to have any new bonds.
They will keep their present holdings,
the State, however, to be at liberty
whenever she is prepared so
to do to pay off the consol bonds at %
cents in the dollar and the l0-40 bonds
at 62J cents in the dollar The tax-re-
ceivable coupons will also be retained
by the bondholder, but will be stamped
as good for only 3 per cent. interest.
Five hundred thousand dollars in cash
is to be applied to the paymentof over
due coupons, ana the balance are to be
funded into new 3's at 80 cents in the
dollar.
POWERS.
Messrs. Thornton and Braithwaite
upon leaving the committee expressly
stated that they were not authorized
to bind the Council of Foreign Bond
holders to such a plan that all they
could do would be to submit it for ac-
ceptance. In this respect the commits
sioners are about on footing with the
Legislative committee, who can only re-
port TO the Legislature what they do
and ask that the same be endorsed and
ratified.
THE DIFFERENCE.
II the bondholders would consent to
accept per cent. interest Oh the
amount of the bonds after the scaling
process, instead of 3 per cent. upon
their face, there would be a good pros
poct Of the conference coming to an
agreement with the committee, or at
least with n majority of the committee.
That is the point of diiference-whe-
ther the rate OF interest shall be paid
on the face value or scaled-dovn
amount.
The conference will be resumed this
morning, VIXEN it is expected that a
conclusion viii be had.
Last night there was some hope
among members that an agreement sat
isfacto1y to all concerned would be
reached. 1t is not imagined for mo-
ment that the Legislative committee
will much exceed the compass of their
WtimatVm-viz., S25,000,0 900 of prin
cipal at 3 Per cent. Within these
bounds any report which they might
make would probably be ratified.
WORK OF CANCELLATION.
Governor Lee, Hon. John S. Bar
bour, and committee Of citizens. led
by General Joseph r. Anderson, have
used extraordinary exertions for several
days to bring matters into hopeful
shape. Mr. Barbour was at the Capitol
agood while yesterday talking to mem
bers advising with them and ascer-
tanning the sentiment prevailing.
The citizens talked with Sir Edward
and plainly laid before him the dangers
menacing the bondholders.
The first obstacle that presented itself
was the conviction in the minds of a
number of members of the General
Assembly that they had discharged all
the duties assigned them-had received
the English UitimdtUn', and had so in
formed the two houses, and that there
was nothing more for them to do.
1t was with no little difficulty that
the idea was removed, and rs to some
members it was never removed at all.